If the Gini coefficient in the economy decreases from .40 to .32, this indicates
a. greater income equality
b. greater income inequality
c. the economy is poorer
d. the economy is richer
e. none of the above can be determined from this information
A
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If a firm decides to ignore the reactions of its rivals to its policies, the appropriate model to analyze its behavior is
a. game theory. b. perfect competition. c. monopoly. d. cartels.
If profit per unit equals (price ? cost per unit) and costs are temporarily fixed, then the aggregate supply curve will have
A. a basic “U” shape. B. a negative slope. C. a positive slope. D. All of these responses are correct.
Which of the following is most vital if the firms in an industry are going to earn economic profit in the long run?
a. an inelastic demand for the product produced by the firms b. an elastic demand for the product produced by the firms c. managerial efficiency d. high barriers to entry into the industry
According to the Lucas supply function, when the substitution effect dominates the income effect, workers who experience a ________ price surprise will work ________ hours.
A. positive; the same number of B. negative; more C. positive; more D. negative; the same number of